Key facts
- Micron Technology reported a quadrupling of revenue to $41.45 billion in its third quarter.
- Micron's third-quarter profit increased to $28.2 billion year-over-year.
- The company forecasts fourth-quarter revenue between $49 billion and $51 billion.
- Micron will supply AI lab Anthropic with memory and storage chips.
- Micron participated in Anthropic's Series H funding round.
The ongoing AI boom has created a significant shortage of memory chips, a critical component for AI models, with predictions that the crunch could last through 2027. This scarcity is driving up prices, with Apple CEO Tim Cook recently warning of unavoidable product price increases.
Amid this competitive landscape for memory chips, Micron Technology, the largest U.S. maker of computer-memory chips, has emerged as a beneficiary. The company reported a substantial increase in its third-quarter earnings, with revenue quadrupling to $41.45 billion compared to the same period last year. Its profit surged from $1.88 billion to $28.2 billion year-over-year.
Micron also provided an optimistic outlook for investors, forecasting fourth-quarter revenue to be between $49 billion and $51 billion. These strong results coincide with a new deal for Micron to supply memory and storage chips to AI lab Anthropic. Additionally, Micron confirmed its participation in Anthropic's Series H funding round, though the investment amount was not disclosed.